Based on a scenario in which the world’s governments don’t take any new measures to counter climate change, lower and lower to middle income countries are more likely to see, on average, 3.6 times greater GDP losses as compared to richer countries around the world.

According to the research by S&P Global, cited by Reuters, countries like Bangladesh, India, Pakistan and Sri Lanka's exposure to wildfires, floods, major storms and also water shortages mean South Asia has 10%-18% of GDP at risk.

Central Asia, the Middle East and North Africa and Sub-Saharan Africa regions all face sizable losses too, caused by heat waves and drought, while East Asia and the Pacific regions could suffer from storms and floods.

There are already countries that have increased costs due to climate change. Over the past 10 years, storms, wildfires, and floods alone have caused losses of around 0.3% of GDP per year globally.

Reuters states that the World Meteorological Organization (WMO) calculates that, on average, a weather, climate, or water related disaster has occurred somewhere in the world every day for the last 50 years, causing 115 daily deaths and over $202 million in daily losses.